Synthetix (SNX) remained in a bullish zone above $ 15.00, despite pullbacks in bitcoin and ethereum against the US dollar. SNX price is likely to rally towards $ 20.00 if it clears the $ 16.00 hurdle.
- There was a steady increase in synthetix’s SNX price above $ 12.00 against the US dollar.
- The traded to a new yearly high at $ 16.01 and settled well above the 100 simple moving average (4-hours).
- There is a major rising channel forming with resistance near $ 16.00 on the 4-hour chart of the SNX / USD pair (data source from Coinbase).
- The pair is likely to continue higher towards $ 18.00 and $ 20.00 as long as it is above $ 12.50.
SNX Could Rally Further
After a close above the $ 12.00 and $ 12.50 pivot levels, SNX saw a steady increase towards the $ 15.00 level against the US Dollar. Recently, there was a sharp downside correction in bitcoin, ethereum, and other major altcoins.
However, SNX remained in a bullish zone above $ 14.00 and $ 15.00. It even broke the $ 15.50 level and traded to a new yearly high at $ 16.01. It is currently consolidating gains above $ 15.00 and the 100 simple moving average (4 hours).
An initial support on the downside is near the $ 14.65 level. It is close to the 23.6% Fib retracement level of the recent increase from the $ 10.31 low to $ 16.01 high. The first major support is near the $ 14.00 level.
Source: SNXUSD on TradingView.com
On the upside, the bulls are facing hurdles near $ 16.00. There is also a major rising channel forming with resistance near $ 16.00 on the 4-hour chart of the SNX / USD pair. A clear break above the $ 16.00 level could open the doors for another rally.
In the stated case, the bulls are likely to aim a test of the $ 18.00 level. The next major resistance on the upside is near the $ 20.00 level.
Dips Supported?
If SNX price struggles to continue higher, it could correct lower below $ 14.50. The first major support is near the $ 14.00 level, below which it could test the 50% Fib retracement level of the recent increase from the $ 10.31 low to $ 16.01 high at $ 13.15.
The channel support is also near the $ 13.15 zone. A downside break below the channel support could start a major downside correction towards the $ 10.50 and $ 10.00 support levels.
Technical Indicators
4-hours MACD – The MACD for SNX / USD is gaining pace in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI for SNX / USD is currently well above the 50 level.
Major Support Levels – $ 14.65, $ 14.00 and $ 13.15.
Major Resistance Levels – $ 16.00, $ 18.00 and $ 20.00.
